House Republicans Tried to Screw Retirees Last Night

While the rest of us were focused on the Democratic protest for gun control, House Republicans were doing the Lord’s work. The Lord being Free Market Jesus.

The Obama administration drafted a new regulation requiring financial advisers to prioritize the best interests of their clients over their own interests.

That may seem like common sense to you, but House Republicans were deeply offended by the idea that advisers should not be allowed to legally fuck over their clients. To that end, Republicans passed a resolution that would overturn the regulation; a resolution President Obama vetoed.

Wednesday night shortly after 10 p.m., House Speaker Paul Ryan (R) and his Republican colleagues returned to the House floor to hold a vote on a resolution that would override Obama’s veto, stepping over the Democratic lawmakers on the floor who shouted “No bill no break” over the voting. The vote failed, given that Republicans fell more than 40 votes short of the two-thirds majority necessary.

Don’t tell me both parties are the same. Republicans interrupted a protest for gun control to show their support for financial swindlers.

Related

That last sentence. Exactly. The Swindlers Party. How exactly is it a good idea to let financial advisers screw over their clients to enrich themselves? How does that make for sound financial markets?

ninjaf

B-b-b-but think of the financial advisors who will go yachtless tonight. Or will have to drive a non-luxury car. Oh, the humanity!

Aynwrong

Limited government?
¯_(ツ)_/¯

muselet

The arguments against requiring financial advisers to act as fiduciaries are unconvincing at best. John Oliver dispensed with most of them last week, during a segment on retirement plans:

If we lived in the good universe, we wouldn’t be having this ridiculous debate.

–alopecia

Draxiar

Thanks for posting this. As I was reading the Ashby’s write up I thought of John Oliver’s dissection of this sleazy practice.

Aynwrong

“Don’t tell me both parties are the same.”

Saw a poll on MSNBC earlier that 45% of Rs view Democratic policies “as a threat.” This is astonishing in the face of reality. Also in that poll 41% of D’s see Republican policies as a threat. So 59% of Democrats don’t view Republican policies as a threat?

I honestly how we break through the kind of haze these people must be living in.